Wheat prices fall over 10% in 7 days on selling of FCI stock in open market

FCI sold 0.92 million tonnes since Feb 1, netting around Rs 2,290 crore

Food Corporation of India’s (FCI) sale of 920,000 tonnes of wheat through its e-auction at a reserve price of Rs 2,474 per quintal since Wednesday has brought down prices by almost 10 per cent.
 

The auction generated Rs 2,290 crore for the corporation on February 1 and 2, an official statement said.
 

Recently the Centre decided to offload 3 million tonnes from the buffer stock in the open market under the open market sale scheme (OMSS).
 

Of this, 2.5 million tonnes will be sold to bulk consumers and flour millers, 300,000 tonnes to institutions like Nafed, and the rest to